Two-Unit Medical Office
For Sale
$799,000
2231 Peggy Ln, Garland, TX 75042
CO-zoned property with an established 30-year tenant and office or medical use positioning.
Property Size3,150 SF
Price / SF$253.65
Days on Market51
Property Features for 2231 Peggy Ln
General Information
Standard status
Active
Size
3,150 SF
Zoning
CO
Additional Details
Office Units
2
Building Details
Year Built
1982
Buildings
1
Listing Agency:
Engvest Group - eXp Commercial
Listed By:
Judy Ratsamy Saldana · License #635411
(817) 915-2825
Source:
Expcommercial
Added: Sep 2
Changed: Oct 21
Last Checked: Oct 20 at 5:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Engvest Group - eXp Commercial
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Investment Insights
Based on property information with market context.
This medical office property contains a 3,150-square-foot building divided into 2 units. Constructed in 1982, the asset carries CO zoning and is positioned for office or medical occupancy. A tenant has remained at the property for 30 years, providing an established occupancy history.
Located at 2231 Peggy Ln in Garland, Texas, the property is near the VA and within the broader Garland business area. The site offers a defined two-unit configuration for an owner or investor seeking a medical office asset with a long-standing tenancy and documented office-related use potential.
Located at 2231 Peggy Ln in Garland, Texas, the property is near the VA and within the broader Garland business area. The site offers a defined two-unit configuration for an owner or investor seeking a medical office asset with a long-standing tenancy and documented office-related use potential.
Key Highlights
- 3,150 SF medical office building with 2 units
- CO zoning supports the property’s office‑related classification
- Built in 1982
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,457
Cap Rate
5.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$849,140
$849.1K
Cap Rate 7%
$606,529
$606.5K
Cap Rate 9%
$471,744
$471.7K
Market Conditions
NOI Build-Up for 3,150 SF
Gross rent
$78.6K $24.96/SF
− Vacancy
−$7.9K −$2.50/SF
EGI
$70.8K $22.46/SF
− OpEx
−$28.3K −$8.99/SF
NOI
$42.5K $13.48/SF
Area
Garland, TX
Vacancy
10.00%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$849,140
Cap Rate 7%
$606,529
Cap Rate 9%
$471,744
Alternative Uses
Best Use
Office B
$2.58M
$2.26M – $3.01M
NOI $180,885 @ 7.0% cap · market cap 22.64%
Second Best
Healthcare Medical
$606.5K
$530.7K – $707.6K
NOI $42,457 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$3.78M
$3.31M – $4.41M
NOI $264,582 @ 7.0% cap · market cap 33.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,003
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 75042, TX
39,148
Population
11,791
Households
3.3
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
7.6 sq mi
ZIP Area
5,151
Density / Sq Mi
$63,531
Median Household Income
$32,476
Median Earnings
$1,336
Median Rent
$221,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - CO-zoned property with an established 30-year tenant and office or medical use positioning.
Where is this medical office space located?
The property is located at 2231 Peggy Ln Garland, TX.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 3,150 SF medical office building with 2 units; CO zoning supports the property’s office‑related classification; Built in 1982
